What's the average student loan debt?

The average student loan debt of borrowers who graduated from Bethel's College of Adult & Professional Studies between July 1, 2017, and June 30, 2018, was $22,919. Assuming a 6.8% interest rate and 10 years to repay their loans, average undergrad students borrowers will make monthly loan payments of about $263. Bethel's most recent cohort default rate was 2.5% compared to the national cohort default rate of 10.8%.

How much should you borrow?

It’s important to avoid borrowing more than you’ll be able to repay after graduation. A reasonable monthly student loan payment would be 8-10% of your monthly income.

Check out the Budgeting and Loan Repayment Calculator information offered by the U.S. Department of Education. Theses are good tools to help you plan your expenses and loan debt.

Take a look at this chart based on a 10-year repayment period to see what your monthly payments could look like. Payments reflect a 6.8% interest rate.